Mohegan Sun The Latest To Bet On “Dying” Atlantic City

Tuesday’s official announcement that Connecticut-based Mohegan Tribal Gaming Authority, via its consulting arm, Mohegan Gaming Advisors, will assume management of Resorts Casino-Hotel seems to be a case of not seeing the forest for the trees.

It’s certainly big news that the financially beleaguered gaming hall — the oldest legal casino east of Nevada — has exponentially increased its chances for long-term survival via the newly forged partnership with Mohegan Sun (which is pending state regulatory approval), as well as through the recently consummated deal that will turn a sizable portion of Resorts real estate over to Jimmy Buffett’s Margaritaville brand. But there is a much larger picture here.

For all the of the “experts’” braying about Atlantic City’s gambling industry suffering a terminal case of competitionitis, the fact is that AyCee has recently seen a large infusion of investments – upwards of $200 million, not including Revel’s $2.4 billion price tag.

If the town were indeed “dying,” why would such big-time outfits as Mohegan Sun, Margaritaville and Golden Nugget expend so many resources, financial and otherwise, on the seaside resort? We can assume the folks running these companies are not completely clueless and incompetent. Which leaves the possibility that the smart money sees a rosy future for Atlantic City as a big-time destination.

Read more: http://www.philly.com/philly/business/homepage/165482725.html#ixzz23AN6mms6
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PhillyInc: Reports See Slow Recovery For Philadephia Area

English: Philadelphia skyline (Photo credit: Wikipedia)

The construction cranes that now dot Philadelphia are a welcome sign that some business is getting done, but the steel structures tend to distract the eye from the local economy’s challenges closer to the ground.

The latest quarterly reading of Select Greater Philadelphia‘s leading economic indicators points to mid-2014 as the earliest point when employment in the 11-county region will return to its prerecession level.

A separate analysis of the Philadelphia market by PNC Financial Services Group Inc. recently concluded that the region will continue to lag behind the nation in economic growth, job growth, and income growth.

What’s going on here? Don’t we have an emerging entrepreneurial tech community, a growing business professional services sector, and an enviable cluster of top-notch higher education and health-care institutions?

Read more: http://www.philly.com/philly/business/20120810_PhillyInc__Reports_see_slow_recovery_for_Phila__area.html#ixzz23AG6vpUA
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Scranton City Council Sets Public Hearing On Recovery Plan

English: Downtown , USA (Photo credit: Wikipedia)

Scranton City Council on Thursday tabled a revised recovery plan but set a public hearing on the proposal for next week and a vote for adoption for the following week.

Council President Janet Evans said efforts are under way to further revise the consensus recovery plan.  It was reached July 27 by her and Mayor Chris Doherty after months of stalemate, but raised concerns from the city’s Act 47 recovery coordinator, Pennsylvania Economy League, that much of its revenue was speculative.

“There are adjustments being made to it, and it’s ongoing,” Mrs. Evans said.  “I’m hoping that all changes are complete prior to the public hearing.”

At the Aug. 2 meeting, Mrs. Evans said the mayor/council consensus plan was a “take it-or-leave it” proposition for PEL.  Asked after the meeting if she had backed away from that stance, Mrs. Evans said no.

Read more: http://thetimes-tribune.com/news/scranton-council-sets-public-hearing-on-recovery-plan-1.1357001

Discounts Back After Summer Restaurant Slump

Bigmac mcdonald’s japan (Photo credit: Wikipedia)

Restaurant discounts and special offers have returned after a recent sales cool-down at some of the nation’s hottest chains, a trend that threatens to squeeze industry profits at a time when food costs are set to rise.

U.S. consumers ate fewer Big Macs at McDonald’s Corp., skipped some caffeine runs to Starbucks Corp. and passed on the occasional burrito at Chipotle Mexican Grill Inc. — sending a shiver through the investment community that has grown used to those chains posting strong growth in the face of the nation’s lackluster economic recovery.

McDonald’s on Wednesday vowed to focus more on value after reporting flat sales at established restaurants around the world in July — its worst showing in more than nine years.

Starbucks and Chipotle’s industry-leading same-restaurant sales growth decelerated last quarter, forcing both chains to make adjustments to reinforce their positions.

Read more: http://www.mcall.com/business/chi-discounts-back-after-summer-restaurant-slump-20120810,0,212577.story

Pottstown Works Toward Tightening ‘Charge-Backs’ For Police Costs

POTTSTOWN — The borough’s efforts to make property owners bear more of the burden of repeated police calls to properties with misbehaving occupants will take another step forward Monday when council is set to vote to advertising a toughening of the “charge-back” ordinance.

Already on the books, the ordinance levies a charge for police services when officers are called too often to the same location for disturbances.

The problem with the existing ordinance, Police Chief Mark Flanders has said, is that it exempts too many categories of criminal activity from the burden.

In April, Borough Solicitor Charles D. Garner Jr. was tasked by council’s safety committee with finding ways to close those loopholes.

Read more: http://www.pottsmerc.com/article/20120810/NEWS01/120819959/pottstown-works-toward-tightening-charge-backs-for-police-costs

Pottstown To Offer $110K To $130K For Manager’s Post

Location of Pottstown in Montgomery County (Photo credit: Wikipedia)

Editor’s note:  For the proposed salary level, a national search had better be conducted!  There are rumors flying around that Pottstown Borough Council has already decided to give the manager position to a current borough employee.  If a wise decision is not made, Pottstown will suffer greatly!

POTTSTOWN — Borough council will decide formally Monday whether to offer a salary range of between $110,000 and $130,00 a year for a new borough manager.

It surfaced during Wednesday’s work session when council heard a presentation from David L. Woglom, former QuakertownBorough Manager and now the associate director for public service at the at Lafayette College.

The Meyner Center was hired by borough council to perform a search for a new borough manager after Jason Bobst submitted his resignation in May after getting a job as West Norriton’s township manager, a post Bobst has already taken up.

Last month council appointed Pottstown Police Chief Mark Flanders as interim borough manager.

Read more: http://www.pottsmerc.com/article/20120810/NEWS01/120819948/pottstown-to-offer-110k-to-130k-for-manager-s-post

NFL: Vick Hurts Throwing Hand In Preseason Opener

Andy Reid, Philadelphia Eagles’ coach, after the Eagles’ training camp in Lehigh, Pennsylvania. (Photo credit: Wikipedia)

PHILADELPHIA — Nobody was expecting perfection, or symmetry, or anything in the neighborhood.  A pair of news conferences conducted earlier in the week guaranteed as much.The Eagles had to begin their season at some point, and Thursday was it.  Heartache would not prevent it.

Andy Reid, two days removed from his oldest son’s funeral, was on the sideline at Lincoln Financial Field, where the Eagles overcame three deficits to top the Pittsburgh Steelers, 24-23, on a 51-yard field goal by Alex Henery.

“It was a tough week, but this is our outlet,” Eagles linebacker DeMeco Ryans said.  “This is our outlet and it gives us a chance to forget about things, put things aside for three hours and come out here and play this game.”

Read more: http://www.pottsmerc.com/article/20120810/SPORTS03/120809286/nfl-vick-hurts-throwing-hand-in-preseason-opener

State Criticizes Met-Ed, PPL On Outages

 

English: Hurricane Irene over North Carolina, United States (Photo credit: Wikipedia)

Met-Ed and PPL electric utilities have to improve their tree-trimming and line maintenance so that preventable outages like those that occurred during the major storms of 2011 can be reduced or eliminated.

The utilities also must be more responsive to customers during major storms, according to three reports critical of the utilities, issued this week by the state Public Utility Commission.

The reports were ordered in the aftermath of Hurricane Irene last August, flooding rains from the remnants of Tropical Storm Lee in early September, and the freak late October snowstorm.

“Tree trimming should be a primary concern for both the (electric utilities) and commission for its effect on reliability as well as its role in long-duration outages,” the report said.

Raed more: http://readingeagle.com/article.aspx?id=407845